UPDATE 1-Obama says respects differences on stimulus plan

(Adds quotes from Obama)

WASHINGTON Jan 27 (Reuters) - President Barack Obama said on Tuesday he respected the differences Republicans have with his administration's economic stimulus package but urged lawmakers to avoid playing politics so that urgent action could be taken.

"The key right now is to make sure that we keep politics to a minimum," he told reporters after meeting Congressional Republicans.

"There are some legitimate philosophical differences with parts of my plan that the Republicans have and I respect that. In some cases they may just not be as familiar with what is in the package as I would like."

Obama emphasized the stimulus package was part of a multi-legged approach needed to address the country's economic and financial problems.

"We're still going to have to have much better financial regulation. We've got to get credit flowing again," he said.

He made clear his concern about the "troubled assets" plaguing U.S. banks and said countries around the world would have to work together to address the crisis.

"We're going to have to deal with the troubled assets that many banks are still carrying and that ... have locked up the credit system. We're going to have to coordinate with other countries because we now have a global problem," he said.

Obama said the U.S. public expected their leaders to move quickly.

"The main message that I have is that statistics every day underscore the urgency of the economic situation. The American people expect action."

(Writing by Jeff Mason, editing by Patricia Zengerle)